Sinotrans Shipping stays just above water in H1

Sinotrans Shipping just about held its head above water in the first half, as profit plunged 92% to $1.6m from $20.1m previously. Revenue dipped 12.8% to $93.5m as rates plunged.

Revenue from the dry bulk shipping segment fell 11.4% to $85.5m from $96.5m in the first half of 2012. Container shipping revenue meanwhile plunged by a quarter to $8.3m from $11.1m previously.

"In 2013, the shipping market continued to struggle with lukewarm demand and flood of tonnage, dragging the global shipping industry into a prolonged period of gloom," executive director Li Hua said in an announcement.

"In the face of such severe market situations, our Group managed to mitigate the adverse impact brought by the flagging market by leveraging on our low-cost advantage, improving our business model and optimising our fleet structure on the basis of our sound and robust management," Li added.

Posted 09 August 2013

© Copyright 2019 Seatrade (UBM (UK) Ltd). Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Seatrade.

Vincent Wee

Asia Editor, Seatrade Maritime News

Read more stories like this...

Sign up to the Seatrade Maritime Newsletter and get stories like this delivered to your inbox.

Subscribe Now >

ShipTech Storybox

Seatrade ShipTech Middle East

23 – 24 September 2019 | Madinat Jumeirah, Dubai

The knowledge hub of technological advancements for the shipping sector. Learn, discover and experience new technologies and optimise operational efficiencies.

View 2019 programme >